Crypto Lending Plummets, DeFi Borrowing Soars Amidst Market Downturn

The crypto lending market experienced a significant downturn in recent years, with its size currently down over 43% from its peak of $64.4 billion in 2021. This decline can be attributed to the collapse of several major lenders such as Genesis, Celsius Network, BlockFi, and Voyager, who filed for bankruptcy during the market crash. This led to a substantial reduction in lending activity and market size.